Toronto stocks rise in wake of soaring RIM

Fri Dec 21, 2007 9:54am EST
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TORONTO Dec 21 (Reuters) - After a brief drop at the start, the Toronto Stock Exchange's main index bounced up more than 70 points on Friday morning, taking a cue from Research In Motion RIM.TO, which was upgraded by analysts after it reported expectation-beating profits.

The maker of the popular BlackBerry said third-quarter profit more than doubled. Its stock -- one of the heaviest on the TSX index -- shot up C$12.24 to C$118.76.

Overall, the S&P/TSX composite index .GSPTSE rose 74.62 points, or 0.6 percent, to 13,481.63, with only three of its 10 main sectors in positive territory.

The tech group surged 3 percent, materials added 1.6 percent and consumer staples was up 0.3 percent. Gold firms were also higher on the back of rising bullion prices.

Barrick Gold (ABX.TO: Quote) was up 98 Canadian cents at C$38.38 and Goldcorp (G.TO: Quote) gained 84 Canadian cents to C$31.71.

($1=$1 Canadian) (Reporting by Jonathan Spicer; Editing by Scott Anderson)